Senator John Cornyn Speaks with TFP about Tax Bill
Late last year, Texas Financial Partners was pleased to host a private meeting with United States Senator John Cornyn, the senior senator from Texas. Among those in attendance were Todd S. Healy, Carolyn J. Smith, AALU team members, and other members from the life insurance community.
We were fortunate to speak with Senator Cornyn, who sits on the Senate Finance Committee, just before the passage of the most recent tax reform bill. His insights into the bill’s provisions, as well as the process behind crafting it, will help TFP to guide our clients through this major tax policy overhaul.
New Tax Bill Presents Element of Uncertainty
One area of concern about the tax bill was its potential to create uncertainty.
“When Senator Cornyn recently visited our office, he had some very insightful comments for us,” noted Todd Healy. “One major point was the fact that all significant tax bills, that have survived the passage of time, were done on a bipartisan basis. That gave both parties an interest in making the changes work. This recent bill, as we all know, was done without any Democratic support, and will, in all likelihood, be subject to a unilateral change when the Democrats get back in control. That is something for all of us to keep in mind as we try to anticipate and plan for the future.”
This uncertainty does not merely affect individual wealth holders. Many of TFP’s clients who will be impacted by the bill also run family-held businesses, and any changes to their financial planning will have a ripple effect on their employees, partners, and anyone else who is financially connected to them.
Uncertainty in policy could be a hindrance to families who are trying to make thoughtful decisions for their financial future, and it could affect anyone who does business with them.
Pictured: Todd S. Healy, Carolyn J. Smith, and Senator John Cornyn
Senator Cornyn Heard Our Concerns
TFP’s meeting with Senator Cornyn presented a unique opportunity to represent our clients’ concerns to a top-level policy maker. Moreover, coming as it did on the cusp of the bill’s passing, the conversation offered important insights into public policy changes as they were being negotiated.
“What impressed me most was how engaged he was,” said Carolyn Smith, TFP director, who was in attendance. “It was clear that our concerns resonated with him, and he assured us he would take them back [to Washington] with him.”
For Todd Healy, this was the second time talking with Senator Cornyn. Todd spoke with the senator last year, during an exclusive meeting at Cornyn’s Washington, D.C. office. He described the meeting as an incredible honor, and was impressed by Senator Cornyn’s consistency and commitment to helping business owners. It was clear there was a sense of mutual respect between them.
Meeting at TFP with Senator Cornyn, Carolyn Smith, Todd Healy, ALU team members, and other members from the life insurance community
TFP Strives for Stability in an Uncertain Environment
The new tax bill makes substantial changes to financial policy in the U.S., and more changes are likely to come. Though uncertainty in policy can affect planning at every level, Texas Financial Partners will continue to represent our clients’ interests to policy makers. Additionally, we will continue to anticipate future policy changes, and to help our clients plan for them.